Switzerland finance authority FINMA has granted the first of country’s crypto asset management license that will allow the firm, Crypto Finance to operate like the traditional asset managers as the country consistently takes positive steps toward the rapidly evolving crypto world.
Crypto fund can now operate same as traditional asset managers
In first of its move, the Swiss financial regulator has issued the first cryptocurrency asset management license of the country that will allow the services to be offered to the institutional clients in the crypto asset class.
The company that has been awarded the license from The Swiss Financial Market Supervisory Authority (FINMA) is headquartered in Zug. Set up in June 2017, Crypto Finance provides asset management, brokerage, and storage services.
Jan Brzezek, the CEO of Crypto Finance shared with the local media channel,
“The importance of crypto assets is growing and our aim is to accelerate maturity in these markets. Regulatory recognition remains highly sought after by participants, as seen in recent press and company statements.”
Just earlier this year, the company has been granted the limited freedom to distribute offshore-based crypto funds by the FINMA, the government body responsible for financial regulation.
But with the new license, according to the local media channel, the company will able to issue a “wider array of collective investment products that track bitcoin and other cryptocurrencies, including funds based in Switzerland.”
Crypto Finance is also allowed to provide investment advice for institutional clients that means they can operate on the same level as that of the traditional asset managers in the country.
Many of similar crypto funds are working on getting the approval to offer services in Switzerland. A new firm, Seba Crypto has recently announced that it plans and hopes to get a license in order to offer full banking services for crypto operators in the coming time.
Switzerland has always been blockchain and crypto friendly and now the “Crypto Nation” is surely living up to its name with this license and constantly taking positive steps towards the rapidly evolving but still nascent crypto world.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.